"The sense of smell of capital is the most sensitive." When the market is sluggish, it will react quickly at the capital market level. Like most consumer goods industries, the condiment industry has not had news about the capital market for a long time.
By sorting out the stock price performance of 14 major condiment listed companies (excluding grain, oil and raw material companies), the author found that in the entire capital market, the performance of the condiment industry is also unsatisfactory.
There is no "bull market" in condiments
On the whole, there are 32 constituent stocks in the condiment concept sector, but even after the "bull market" of the first few trading days, the entire concept has only risen by 26.81% in the past month, and since 2024, the increase has shrunk to 4.49%, and the trading cycle has been pulled down for nearly a year, and the entire concept sector has still fallen by 0.01%.
Focusing on the statistics of the above 14 major companies, if it were not for the "outbreak" in recent trading days, the stock prices of these 14 companies would have shown a downward trend, and the longer the cycle, the more severe the fall. Therefore, when faced with someone saying that "the condiment is not fragrant", especially in the case of mixed results at the performance level, the industry really has no good reason to refute it.
Among these 14 companies, Zhu Laoliu, who has "led the rise" in the past month and the past year, is relatively special, because it is the first condiment company listed on the Beijing Stock Exchange. Moreover, no matter in terms of revenue and market value, Zhu Laoliu is still relatively weak, and the total market value is at the bottom of the 14 companies.
Haitian Flavor Industry and Zhongjing Food have become the other two "red across the board" enterprises in the indicators of the past month, this year and the past year, and from a certain dimension, "the strong Hengqiang" is also feasible in the capital market. However, it is not difficult to see through the share price of Haitian Flavor that its share price rise is mainly due to the support of the "bull market" a few days ago, if it is not a 40% increase in the past month, then its stock price is still falling this year and nearly a year.
Focusing on the beginning of this year, in addition to Zhu Laoliu and Haitian Flavor, only Zhongjing Food, Fuling Mustard and Richen Shares have risen in stock prices. Among them, although Zhongjing Food's share price has risen by 19.87% this year, it has risen by 37.46% in the past month; The situation of Fuling mustard and Richen shares is similar, but because it has fallen more fiercely before, the recent gains have failed to drive the sharp rise since the beginning of this year, and it has not been able to reverse the decline of its stock price in the past year.
It is worth mentioning that even with the blessing of the "bull market", Jiajia Foods, which was the "first stock of soy sauce" in the past, has become the only one among the 14 companies whose stock price has "steadily declined" in the past month, this year and the past year. It is no wonder that as the only loss-making brand among the four major listed soy sauce companies, it is not only burdened with the pressure of "taking off the hat", but its controlling shareholder is now difficult to protect itself.
Other condiment companies, even with the blessing of a strong rise, have still failed to change the downward trend of stock prices this year and in the past year, which may be the "normal" of the condiment industry in the past year.
Why?
The investment logic of all listed companies is nothing more than falling on the main business level, and condiments are no exception - performance, performance or performance.
Like stocks, investors and consumers still have a certain degree of tolerance for the performance of condiment companies: they are allowed to fluctuate in performance, and even some "mistakes" can be forgiven, but if the performance has not been able to get up, patience will naturally be gone.
Among the 14 companies, only Zhu Laoliu, Anji Food and Jialong have a total market value of less than 2 billion yuan, and it is no exaggeration to say that among these enterprises, the revenue scale of these three companies is not surprisingly "bottom".
What's more, in addition to the bottom of the performance, these companies seem to have failed to let the outside world see more "possibilities". For example, Zhu Laoliu's main fermented bean curd and sauerkraut are already "sunset" categories in the eyes of most consumers; Although Jialong shares are polyphonic, after the market adjustment in the past two years, Jialong shares in addition to the drastic implementation of the "large dealer system", does not seem to have more achievements at the product, channel and brand level.
On the whole, the market environment of condiments has become more "bad" in the past two years.
On the one hand, it has changed from the incremental market in the past to the stock market now, and the major brands have lost their strengths and weaknesses. For consumers, everyone is on the same price, so why not buy big brands? For investors, leading enterprises have always been the sweets in the eyes of investors, except for the food safety crisis, it will hardly have much impact on the performance of leading enterprises, and the dividend amount of leading enterprises is obviously greater than that of other similar enterprises, all of which are investments, and maximizing returns is the king.
On the other hand, condiment companies are actually more like a link in the entire consumer ecological chain, and when the result fails, the process will often be ignored first. The most intuitive thing is that the negative information from the catering market is significantly higher than the positive information, and as an important participant and contributor to the catering market, condiments are also deeply affected by this "cascading" impact.
However, in the short term, due to the "bull market" push, it has covered up the "double festival" peak season to boost condiments, therefore, the next wave of the market can only count on the "Spring Festival", because the supply and demand of condiments have a preposition, which for condiment companies, whether it is performance or stock price level will form a double pressure: do not press (goods), the fourth quarter will inhibit the performance of the annual financial report; Press, it is very likely that the "good start" of the coming year will come to naught......
Therefore, it is better to simply let go of the "burden" (of course, not to give up the peak season and market), regardless of the off-season and peak season, we must continue to consolidate our basic skills.